Your Chicagoland Market Update
Here’s what you need to know about Chicago’s real estate market.
Want to buy a home? Search All Homes
What’s happening in Chicago's real estate market? Let’s take a look at the numbers.
There were 17,412 homes for sale in the Chicagoland area this November. This is a bit lower than the 21,880 homes that were for sale in October. Our inventory numbers continue to shrink, and if you’re a buyer, you’re probably feeling it.
Meanwhile, we have around 1.5 months of inventory. In case you don’t know, inventory is a measure of how many months it would take to sell all of our inventory if no new homes came on the market. A six-month supply of inventory is considered a balanced market. This number is also down from October, where the months of supply was 1.9.
The average list price was around $373,667. This number has continued to fall, but it doesn’t mean we’re heading for a crash. Instead, sellers are just running into the realization that overpriced homes won’t sell, even in this market.
"If you are a seller, this is an amazing time to list your home."
The average time a home sits on the market is 47 days. This is up from October, where it was 42 days. 10,685 new homes hit the market in November, which was down from 15,121 homes in October.
What does this all mean? If you are a seller, this is an amazing time to list your home. Our inventory continues to shrink, so you’ll have less competition. For buyers, you need to make a good offer when you find a home you like. There isn’t a lot of room for low offers, so underbid at your own risk.
If you need help buying or selling a home, please call or email my team. We would love to help you out this holiday season and beyond!